Cellectis S.A.
Cellectis develops gene-editing technology for experimental medicines, with a new focus on treatments that edit genes inside the body to address inherited lipid disorders.
Overview
Latest results
Jan–Jun 2026 · Reported in USD
Latest financial publication
First-half 2026 results
Investment Thesis
A new gene-editing direction, with the first human evidence still ahead
European Tech Equities analysis ·
The investment case
Cellectis is a bet on developing medicines that act on the causes of disease by changing gene activity. Its September 2026 reset focuses that ambition on severe lipid disorders, while existing partners provide a separate route to potential milestones and royalties. The opportunity is meaningful if an occasional treatment can safely provide lasting benefit. Neither new internal programme has demonstrated that in people.
What has been shown
The HEAL-101 data announced on 27 October showed gene editing and lower triglycerides in preclinical experiments. That supports further development, but animal results cannot establish patient safety, the effective dose or how long a benefit might last. Management targets initial human data in H2 2027 for HEAL-101 and H1 2028 for HEAL-201. Those plans still require successful development and trial execution.
The route to patients
The intended patients have severe conditions for which existing treatments may leave an unmet need. A lasting effect could reduce the burden of repeated treatment, but it also raises the importance of long-term safety. Approval, reimbursement and competition from other medicines would shape eventual demand. Partnered oncology programmes add opportunities, although Cellectis does not control every development or commercial decision.
Cash and the cost of the reset
H1 2026 revenue was $11.0 million, down from $27.4 million, and operating cash outflow was $29.7 million. June cash of $35.6 million sat alongside $131.3 million of current financial assets, mainly fixed-term deposits. Borrowings and leases were $91.4 million, excluding $12.9 million of EIB warrant liabilities. The September plan extends management’s expected funding horizon into H2 2028. That depends on restructuring costs, spending and partner receipts; it is not a profitability forecast.
Value depends on future results
A revenue or earnings multiple says little about the probability of a successful medicine. Cellectis’s value depends on the clinical prospects of its programmes and the cash it can retain from partnerships after costs. The ordinary-share market value also excludes a substantial class of preferred shares, so comparing that headline alone with the cash balance would be misleading. Funding needs, warrants and further share issues matter alongside scientific progress.
What would weaken the case
- The new internal programmes are preclinical. Safety findings, weak efficacy or delayed trials could substantially reduce their value.
- The strategic reset brings restructuring and execution costs, while ending internal cancer programmes removes part of the earlier investment case.
- Partner decisions, financing obligations and possible dilution can reduce the value retained by ordinary shareholders.
Sources
Financials
The business in numbers
Latest
Income statement
Cash flow
Balance sheet
Sources and details
At June 2026, cash was $35.6m and current financial assets were $131.3m, mainly fixed-term deposits. The company’s wider $169m liquidity figure also includes restricted cash. The September restructuring replaces the earlier runway forecast with a management estimate into H2 2028.
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
IFRS figures in USD millions; basic EPS in USD. Revenue excludes research tax credits and other income. Cash means cash and cash equivalents; it excludes fixed-term deposits and restricted cash. Debt includes borrowings, refundable advances and leases, but excludes EIB warrant liabilities. Capex is cash spent on tangible and intangible assets. Gross profit and EBITDA are not comparable published statement measures. FY2024 operating cash flow includes $57m allocated from AstraZeneca’s equity investment under the collaboration accounting.
Annual
Income statement
Cash flow
Balance sheet
Sources and details
At June 2026, cash was $35.6m and current financial assets were $131.3m, mainly fixed-term deposits. The company’s wider $169m liquidity figure also includes restricted cash. The September restructuring replaces the earlier runway forecast with a management estimate into H2 2028.
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
IFRS figures in USD millions; basic EPS in USD. Revenue excludes research tax credits and other income. Cash means cash and cash equivalents; it excludes fixed-term deposits and restricted cash. Debt includes borrowings, refundable advances and leases, but excludes EIB warrant liabilities. Capex is cash spent on tangible and intangible assets. Gross profit and EBITDA are not comparable published statement measures. FY2024 operating cash flow includes $57m allocated from AstraZeneca’s equity investment under the collaboration accounting.
Half-year
Income statement
Cash flow
Balance sheet
Sources and details
At June 2026, cash was $35.6m and current financial assets were $131.3m, mainly fixed-term deposits. The company’s wider $169m liquidity figure also includes restricted cash. The September restructuring replaces the earlier runway forecast with a management estimate into H2 2028.
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
IFRS figures in USD millions; basic EPS in USD. Revenue excludes research tax credits and other income. Cash means cash and cash equivalents; it excludes fixed-term deposits and restricted cash. Debt includes borrowings, refundable advances and leases, but excludes EIB warrant liabilities. Capex is cash spent on tangible and intangible assets. Gross profit and EBITDA are not comparable published statement measures. FY2024 operating cash flow includes $57m allocated from AstraZeneca’s equity investment under the collaboration accounting.
Quarterly
Income statement
Sources and details
At June 2026, cash was $35.6m and current financial assets were $131.3m, mainly fixed-term deposits. The company’s wider $169m liquidity figure also includes restricted cash. The September restructuring replaces the earlier runway forecast with a management estimate into H2 2028.
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
IFRS figures in USD millions; basic EPS in USD. Revenue excludes research tax credits and other income. Cash means cash and cash equivalents; it excludes fixed-term deposits and restricted cash. Debt includes borrowings, refundable advances and leases, but excludes EIB warrant liabilities. Capex is cash spent on tangible and intangible assets. Gross profit and EBITDA are not comparable published statement measures. FY2024 operating cash flow includes $57m allocated from AstraZeneca’s equity investment under the collaboration accounting.
Performance
About these figures
Dates link to the original reports. Bars compare the same period a year earlier, on a consistent accounting basis. Arrows show whether the number rose or fell, not whether it is good or bad for the business.
Research & updates
Cellectis Presents Preclinical Data Highlighting Efficient APOC3 Editing and Marked Triglyceride Reduction with .HEAL-101 at ESGCT 2026
Monthly information on share capital and company voting rights
Cellectis Announces Strategic Transformation To In Vivo Gene Editing Company
Cellectis to Host Conference Call and Webcast on September 14 to Provide a Business Update
Monthly information on share capital and company voting rights
Interviews
Interviews are coming soon
No interviews with Cellectis S.A. have been published yet.
Sources
Sources & data dates
Financial figures link to the company’s publications and retain their reporting period. Share prices have their own closing dates.
H1 2025 · Published Aug 6, 2026 · Checked Oct 28, 2026
H1 2026 · Published Aug 6, 2026 · Checked Oct 28, 2026
Q2 2025 · Published Aug 6, 2026 · Checked Oct 28, 2026
Q2 2026 · Published Aug 6, 2026 · Checked Oct 28, 2026
FY 2024 · Published Mar 20, 2026 · Checked Oct 28, 2026
FY 2025 · Published Mar 20, 2026 · Checked Oct 28, 2026
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